GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Gap Up – Still a Buy?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $5.02, but opened at $5.38. GraniteShares 2x Long COIN Daily ETF shares last traded at $5.73, with a volume of 10,001,298 shares.

GraniteShares 2x Long COIN Daily ETF Stock Performance

The business’s 50 day simple moving average is $6.70 and its 200 day simple moving average is $9.42.

Institutional Trading of GraniteShares 2x Long COIN Daily ETF

Institutional investors and hedge funds have recently modified their holdings of the company. Parallel Advisors LLC lifted its stake in shares of GraniteShares 2x Long COIN Daily ETF by 353.3% during the 1st quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock valued at $48,000 after buying an additional 5,300 shares in the last quarter. NewEdge Advisors LLC raised its holdings in GraniteShares 2x Long COIN Daily ETF by 58.0% during the first quarter. NewEdge Advisors LLC now owns 16,075 shares of the company’s stock valued at $113,000 after acquiring an additional 5,900 shares during the period. Optiver Holding B.V. raised its holdings in GraniteShares 2x Long COIN Daily ETF by 232.2% during the first quarter. Optiver Holding B.V. now owns 129,394 shares of the company’s stock valued at $906,000 after acquiring an additional 90,448 shares during the period. Group One Trading LLC lifted its position in shares of GraniteShares 2x Long COIN Daily ETF by 431.4% in the first quarter. Group One Trading LLC now owns 28,288 shares of the company’s stock valued at $198,000 after acquiring an additional 22,965 shares in the last quarter. Finally, IMC Chicago LLC purchased a new position in shares of GraniteShares 2x Long COIN Daily ETF in the first quarter valued at about $814,000.

About GraniteShares 2x Long COIN Daily ETF

The GraniteShares 1.5x Long Coinbase Daily ETF (CONL) is an exchange-traded fund that mostly invests in financials equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of Coinbase stock. CONL was launched on Aug 9, 2022 and is managed by GraniteShares.